Hafeez not optimistic about CSF dues recovery

ISLAMABAD - Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh said on Saturday during Economic Advisory Council meeting that he was not optimistic that Pakistan would get due amount from the US under Coalition Support Fund (CSF) and Etisalat for privatising Pakistan Telecommunication Limited (PTCL) within current fiscal year 2011-2012, official sources said.Sources said the minister said in a meeting that it was a possibility that Pakistan would receive these two due amounts before June 30 or they might not, so they must be ready for every situation. He stressed upon self-reliance policy instead of depending on foreign help. A meeting of the Economic Advisory Council (EAC) was held under the Chairmanship of Dr Abdul Hafeez Shaikh, Minister for Finance and Revenue. EAC met to discuss proposals for Budget 2012-13 and assist in the formulation of economic policies for the next year. He informed that the government would make those targets in the budget, which could be achieved. Later talking to the media, convener EAC Dr Hafiz A Pasha said inflation rate could go to 13 per cent during the current fiscal year 2011-2012 against the target 12 per cent, as inflation was on the increasing trend. He further said that the government should make easy the system of income tax. The rate of income tax could be around Rs 3,50,000, he added. Chairman Federal Board of Revenue Mumtaz Haider Rizvi said that FBR had faced Rs 25 billion loss in few days due to law and order situation in Karachi. However, he was optimistic that govt would recover this shortfall in the month of April. Talking about the revenue collection target of Rs 1952 billion, chairman FBR said they would achieve the target well on time. FBR would not behind the shortfall if occurred at the end of June, as country’s situation would behind it, he added.